Should Seniors Get Life Insurance: 4 Things to Remember

f you haven’t noticed it yet, members of the baby boomer generation are enjoying longer, more fulfilling lives. And as things stand,  life insurance for seniors –or those who are 60 years old and above–can still get more out of life. Whether you need or can afford to get a policy with a large premium and benefits to the tune of a couple of million dollars, or a more modestly priced insurance that has good coverage but whose cost is only similar to your daily cup of coffee from the corner Starbucks, one thing is for sure–you need coverage, if only for the sake of your loved ones.

1. Many insurance companies are now offering a variety of good life insurance for seniors

Most seniors can pay, which is maybe why many insurance companies these days are going to great lengths just to sell their own brand of senior or elderly life insurance. In fact, even well into their eighties, people can still avail of good life insurance coverage, and this may come with a lot of good options. For example, there are life insurance companies that do not even require any medical examination–the most they ask you to do is answer a few health-related questions. There are even websites that do this for you, acting as the middleman between the insurance company and you. Moreover, there are policies that provide coverage for individuals up to the age of 95. Moreover, such insurance policies are often associated with terms that allow their policies to earn cash value.

2. The no medical exam life insurance

Many seniors are apprehensive or hesitant about getting a life insurance, thinking that their existing health condition essentially rules them out. There exists, however, something that is called a “no medical life insurance,” which most often caters to seniors. Such an insurance policy must be taken especially if you feel you need coverage right now. If you are currently somewhat unhealthy, but you’re working toward improving your health but you cannot afford to live without coverage, then this type of life insurance is for you. You can look at it as a temporary measure–get the insurance now, and simpl upgrade to a life insurance once your health improves.

3. Life insurance can give your family some peace of mind

As you can see, life insurance for seniors can basically give your loved ones some amount of peace of mind and protects them from the sudden death-related expenses should you finally pass on, such as for burial and other things. Life insurance most often pays a lump sum in the event of a death, and the lump sum of course depends on how much benefit is stated in your policy. Say, your policy states that you have a death benefit of $100,000, then that is the amount of money your family will receive, and there are no restrictions on how they may spend the money. They can use it to pay for funeral expenses, any outstanding bill, or whatever debt must be paid or settled. You may no longer be around to witness this in person, but at least you’re alive now knowing that your loved ones wouldn’t buckle under the weight of your after-death expenses.

4. Getting the best life insurance deal

There are many insurance companies offering life insurance for seniors, but most of them provide various advantages and disadvantages to the insured. First, make sure about what you actually need and what you can afford in terms of paying your premiums, then speak with as many insurance agents as much as possible. Or better, you can check life insurance quotes for seniors online and see which can give you the best deal for your money. A good rule of thumb is that you should not immediately buy a life insurance from “your guy,” as he may not be able to provide you the best policy. Check out what’s out there before making a decision. And take only what you need–if you only need $50,000, then don’t take anything more than that. Remember that try not to look at insurance solely from the cost–the cheapest one may not be good for you.

Taking out a  life insurance for seniors  even in your senior years is not only very possible, it is highly recommended. As always, discuss the matter with your loved ones as this probably concerns them more than you do.